The Winnipeg quarterback completed 33-of-43 passes for 406 yards and one touchdown in last week's 32-25 victory over Hamilton to help the Blue Bombers to their second win of the season.
Elliott, who was making his third career CFL start after missing most of last season with a knee injury, led the Bombers in place of Alex Brink and injured starting quarterback Buck Pierce.
Meanwhile, Winnipeg teammate Alex Hall took the defensive nod. The defensive end had one tackle, one sack and two forced fumbles against Hamilton.
The special teams award went to Hamilton wide receiver/kick returner Chris Williams, who returned five punts for 146 yards and a touchdown for Hamilton in a losing effort.
B.C. Lions safety Cauchy Muamba was named the top Canadian after registering one tackle and two interceptions in the 24-5 win over the Saskatchewan Roughriders.
The players of the week awards are sponsored by Gibson's Finest.